I want to thank the United Nations Secretary General for inviting me to speak during this meeting on the subject of: ‘Financing of the 2030 Agenda for sustainable Development in the Era of Covid-19 and Beyond”.
When we met in New York this time last year, none of us would have anticipated that one year later, the world would have undergone the dramatic shift that we have experienced since the onset of the COVID-19 pandemic.
The pandemic has strained health systems, which, in turn has triggered a deep economic as well as social crisis. It is estimated today that millions of people globally have lost their jobs, thus putting their livelihoods at risk.
Mr. President,
The Economic and Social Council (ECOSOC) undertook a review of the Financing and Development framework, which revealed that almost all countries were off-track in attaining the 2030 Agenda. In the absence of urgent, therefore, and bold corrective action, the Covid-19 pandemicis likely to complicate even further the realization of the 2030 agenda.
Therefore, Excellencies,
Ladies and Gentlemen,
The critical question we therefore need to address is: how then do we use the Covid-19 crisis rather than a challenge, as an opportunity, an opportunity to mobilize financing for the 2030 Agenda and to accelerate the achievement of its goals? And in this regard, I would like to make a few suggestions.
The first is the use of the crisis as a backdrop for reforms that will lead to increased tax revenues. Many countries are registering business and workers to enable them to access Covid-related economic stimulus packages. This presents an opportunity to formalize our informal sector and, therefore, broaden our tax base.
The second point I would like to make, is that Covid-19 provides an opportunity to make a fundamental shift in Overseas Development Assistance (ODA) and indeed in its entire architecture.
Mr. President,
In this regard, we call upon the strengthening of the Multilateral Development Banks (MDBs) as indicated in the Addis Ababa Action Agenda. This will enable them play an even more important role in supporting the development agenda of low and middle-income countries.
Mr. President,
I am pleased to note that the multilateral system was quick and very effective in developing a global response to Covid-19. The debt standstill and debt relief for highly indebted developing countries were and are important interventions, which have forestalled catastrophic economic collapse of some our economies.
Mr. President, let me conclude by urging all of us to turn this COVID-19 pandemic into an opportunity (i) an opportunity for stronger international cooperation; (ii) an opportunity for reciprocity and support as we work towards recovery; and (iii) an opportunity for boldness in redefining new models of cooperation that will support sustainable health, economic recovery, and lead to an accelerated achievement of our 2030 Agenda.
I thank you all for your attention.
